Philippines regulator says Binance has no right to provide crypto services
The Philippines regulator raised an objection against the Binance crypto exchange.
Cryptocurrencies are not recognised as legal tender in the Philippines, which is common in almost every country. All the crypto exchanges are required to register with the country’s central bank as a remittance and transfer companies with some other additional rules.
On 28 Nov 2023, The Philippines Securities and Exchange Commission (SEC) issued a warning against the top crypto exchange Binance.
The SEC body stated that the exchange is not registered in the country, so this exchange has no authority to sell or offer security offerings.
With this warning, the SEC body ordered the SEC body to get registered with the corresponding regulatory bodies as well as to acquire a secondary license to sell or offer securities to the public.
“Based on the Commission’s database, the operator of the platform Binance is not registered as a corporation in the Philippines and operates without the necessary licence and/or authority to sell or offer any form of securities as defined under Section 3.1 of the SRC,” the announced note read.
Furthermore, the SEC body also noted that the exchange is promoting its crypto platform across the social media platforms at a very big level but all such activities are subject to crimes under Section 28 of the SRC, as the exchange is not regulated.
The country’s securities regulatory body also warned that it will impose a $90k fine and/or imprisonment for upto 21 years against the exchange if it does not follow the orders.
Some people noted that the Philippines SEC body showed this response against Binance because this exchange recently settled its case with the United States Securities and Exchange Commission (SEC).
Some people called this intense notice against the Binance exchange the best move by the Philippines regulators because they are openly inviting the Binance exchange to get registered.
According to available information across the local media reports, Binance is among the top crypto exchanges in the Philippines but is not registered. Now it is just like an opportunity for this exchange to apply for the licence with the corresponding agencies.
Notably this exchange is registered in the highest number of jurisdictions over other crypto exchanges and it makes this exchange more reputable & trusted for crypto Investors.
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